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Former JPMorgan traders convicted of fraud, FCC denies SpaceX subsidy, Amazon expands palm scanners

Notable business headlines include a federal jury in Chicago convicting two former JPMorgan traders of fraud, the FCC denies SpaceX $1 billion subsidy offer, and Amazon expanding its palm scanner payment technology into Whole Foods.

Video Transcript

[MUSIC PLAYING]

BRAD SMITH: A federal jury in Chicago convicted two former traders of JPMorgan's precious metal desk on multiple charges, including spoofing and wire fraud. The former traders were accused of manipulating gold prices by using misleading orders to rig prices. Now, the conviction caps off a seven-year campaign by the Justice Department to punish spoofing, a practice outlawed in Congress in 2010.

And the FCC turned down a bid from SpaceX for a $1 billion rural broadband subsidy. SpaceX said that the subsidies would support rural broadband customers using the Starlink satellite network. The company was originally awarded that money in 2020. However, the FCC says Starlink failed to demonstrate that it could deliver the promised service. The FCC went on to say that SpaceX's technology shows real promise but is still developing.

And Amazon is expanding its palm scanner payment technology in more than 65 Whole Foods locations in [? Californ-I-A. ?] The Amazon One payment service initially launched in Amazon grocery stores and has since expanded to Whole Foods. This, the company's latest effort to expand contactless payment technology. Amazon says, the company does not store the palm image but encrypts it to a server. Sozz?

BRIAN SOZZI: Brad, that's ridiculous. I can't believe--

BRAD SMITH: You're not buying it?

BRIAN SOZZI: No, I mean, it's just I've never heard of something like that before. I was scanning my hand and paying, I don't know what, $97 for Whole Foods groceries. Simply mind blowing.